Vodafone to gain approval for ONO deal
26 June 2014 | Kavit Majithia
Vodafone will reportedly gain unconditional EU approval for its €7.2 billion deal to acquire Spanish cable operator ONO.
“There are no issues, the deal will be cleared by the European Commission without conditions,” a source told Reuters.
Regulators have reportedly stated they do not have competition concerns over the deal, and it will mark Vodafone’s third high-profile European fixed-broadband acquisition in the last two years.
According to sources, the European Commission will not demand concessions from Vodafone to push the deal through and the acquisition is expected to give the company more leverage to compete with Spanish market leader Telefónica.
Operators across Europe are keen to consolidate in a bid to offset falling revenues and secure additional funds for infrastructure upgrades.
The European Commission is expected to make a formal announcement on July 2.
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